Islamic Arab Insurance Company

The Islamic Arab Insurance Company (SALAMA) PJSC has announced the opening of nominations for its Board of Directors' membership. Shareholders can submit their applications from June 12, 2024, to June 22, 2024. Interested candidates must meet the nomination conditions and apply at the company’s main office in Dubai, including a brief resume and the type of membership they are seeking (non-executive independent or non-executive non-independent). Two board members will be elected, and the nomination period will last for 10 days as per regulatory requirements. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies and related governance guidelines.

On June 6, 2024, H.E. Saeed Mubarak AlHajeri, Chairman of the Board, and H.E. Mohammed bin Abdulaziz AlShehhi, Vice Chairman of the Board, submitted their resignations from the company's Board of Directors due to personal and professional commitments. The Board has accepted their resignations, with Mr. AlHajeri continuing his duties until new candidates are elected and regulatory approvals from the Central Bank of the United Arab Emirates and shareholders are obtained. The Board expressed appreciation for their service and instructed management to complete the necessary legal requirements. The announcement was made by Khaled Barakat, General Counsel.

On June 6, 2024, the Board of Directors of Islamic Arab Insurance Co. (SALAMA) approved several resolutions. The Chairman, H.E. Saeed Mubarak Al Hajeri, will resign effective from the date of the upcoming General Assembly meeting, where a new member will be elected to fill his position. He will continue his duties until then. Additionally, H.E. Mohammed bin Abdulaziz Al Shehhi, the Vice Chairman, resigned effective immediately. The Board has scheduled a General Assembly meeting for July 15, 2024, to elect two alternate members and approve the appointment of Mr. Mohammed Al Hashimi, who was appointed on May 24, 2024. The necessary regulatory approvals are being sought for this meeting. The resolution was approved by 72% of the Board members.

On May 24, 2024, Mr. Mohamed Alsayed Alhashmi was appointed as a member of the Board of Directors of the Islamic Arab Insurance Company - Salama P.S.C. This appointment was made following his nomination by the Board of Directors and approval by the Central Bank of the United Arab Emirates.

The document is an unaudited review report and interim condensed consolidated financial statements for Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries as of 31 March 2024. The report provides an analysis of the financial status and performance of the company and its subsidiaries.

In Q1 2024, SALAMA, the UAE's largest Takaful solutions provider, reported a net profit of AED 17.58 million, marking a 118% increase from Q1 2023. The company's Takaful revenue expanded to AED 271.47 million, up from AED 265.23 million in Q1 2023. Net assets were reported at AED 3,600.39 million, while total equity decreased by 3.46% to AED 634.46 million, primarily due to currency value depreciation in Egypt. SALAMA also announced the launch of its new Abu Dhabi headquarters, indicating further market penetration within the UAE.

The Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting on 14 May 2024, attended by five members via modern technology, with a quorum of 71.43%. The board approved the minutes of the previous meeting held on 29 March 2024 and reviewed and approved the financial statements for the first quarter ending on 31 March 2024. Other regular business matters were also considered. The meeting was authorized by General Counsel Khaled Barakat.

Islamic Arab Insurance Company (SALAMA), the UAE's largest Takaful solutions provider, has opened a new office in Abu Dhabi, marking a significant step in its strategic growth phase. The new office is designed to enhance operational efficiencies and foster innovation. It is equipped with advanced facilities and a progressive work environment to provide personalised support and networking opportunities for SALAMA’s customers and partners. CEO Walter Jopp stated that the new office would help boost the company's local and regional presence and address the evolving protection needs of customers in the fast-emerging Abu Dhabi region.